BATON ROUGE, La. – Immediately, Gov. John Bel Edwards issued a name for the Louisiana Legislature to convene a rare session to applicable funds to the Insure Louisiana Incentive Fund, a fund created within the 2022 legislative session with the objective of attracting extra insurance coverage firms to Louisiana.
The particular session will convene at midday on Monday, January thirtieth and adjourn no later than 6 p.m. on Sunday, February fifth.
In a press release, Governor Edwards stated, “Insurance coverage Commissioner Jim Donelon has burdened that funding the Insure Louisiana Incentive Fund can not wait till the common session in April. I’m grateful for the cooperation of the Senate President and Home Speaker and the legislature in calling this particular session centered on this Fund. Whereas Commissioner Donelon says we should do that now, that is only a first step in addressing Louisiana’s ongoing insurance coverage points after the devastating hurricane seasons of 2020 and 2021, a disaster worsened by hurricanes and wildfires in different states in 2022. We’ll proceed to work on this challenge through the common session starting in April.”
Senate President Web page Cortez stated, “Commissioner Donolen has said that point is of the essence with regard to the legislature’s funding of the inducement program and thus the necessity to enter a particular session. Whereas we perceive this is not going to utterly remedy the disaster we acknowledge the urgency.”
Home Speaker Clay Schexnayder stated, “Whereas a particular session to fund the Louisiana Incentive Fund just isn’t going to unravel the problem of availability and affordability of property insurance coverage for our residents, it’s a quick time period band-aid that may be a primary step towards a extra long run resolution. The Home will proceed to work for a extra everlasting repair to this case in order that our companies and property homeowners do not must undergo this steady cycle. We’ve got to draw extra firms to jot down insurance policies in our state. We count on that Commissioner Donelon will make the inducement program work as a brief repair, however we have to do extra to unravel the issue.”
Learn the extraordinary session name—Proclamation Quantity 7 JBE 2023—by clicking this hyperlink.